Ensign Peak Advisors Lowers Stake in Flowserve to $2.05 Million

Ensign Peak Advisors Inc has reduced its investment in Flowserve Corporation (NYSE:FLS) by 2.2%, bringing its total stake to approximately $2.05 million. The firm held 39,169 shares of the industrial products company after selling 900 shares during the second quarter, according to Holdings Channel.

Other institutional investors have also adjusted their positions in Flowserve. Notably, Wellington Management Group LLP increased its stake by 5.4% in the first quarter, now owning 4,856,358 shares valued at $237.19 million after acquiring an additional 248,273 shares. Boston Partners entered the scene in the second quarter with a new stake worth around $223.25 million. Meanwhile, Earnest Partners LLC boosted its holdings by 6.8% to 2,741,538 shares, valued at approximately $133.90 million after purchasing an additional 173,528 shares.

Dimensional Fund Advisors LP also strengthened its position in Flowserve by 3.2%, now owning 2,443,456 shares, valued at $119.33 million. In addition, Nuveen LLC established a new position in the first quarter worth around $111.60 million. Collectively, institutional investors now hold 93.93% of Flowserve’s stock.

Analyst Ratings and Market Performance

Several research firms have recently reevaluated their ratings for Flowserve. Weiss Ratings maintained a “buy (B-)” rating in a note dated October 8. The Royal Bank of Canada raised its price target for Flowserve shares from $66.00 to $76.00, assigning an “outperform” rating on October 30. Bank of America reiterated a “neutral” rating with an increased price target of $73.00, up from $60.00, on November 14. Wall Street Zen upgraded Flowserve from a “buy” to a “strong-buy” rating on October 3. Conversely, Zacks Research downgraded its rating from “strong-buy” to “hold” on October 21.

Overall, one investment analyst has assigned a “strong buy” rating, nine analysts have given a “buy” rating, and three have suggested a “hold” rating. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $75.33.

Insider Activity and Financial Performance

In related news, Flowserve’s Chief Financial Officer, Amy B. Schwetz, sold 47,000 shares on November 4 at an average price of $71.02, totaling $3.34 million. Following this sale, Schwetz retained 52,628 shares, valued at approximately $3.74 million. This transaction represented a 47.18% decrease in her position. Additionally, insider Lamar L. Duhon sold 1,609 shares on November 11 for a total of $111,841.59, leading to a 9.62% decrease in his stake.

Over the past quarter, insiders sold a total of 59,276 shares worth approximately $4.20 million, with corporate insiders currently owning 0.76% of Flowserve’s stock.

Flowserve shares opened at $70.66 on Friday, with the company boasting a market capitalization of $8.98 billion. The firm recorded a P/E ratio of 20.54 and a P/E/G ratio of 1.38. Flowserve’s stock has fluctuated within a 1-year range of $37.34 to $72.08.

On October 28, Flowserve reported earnings of $0.90 per share for the quarter, surpassing the consensus estimate of $0.80 by $0.10. The company achieved a return on equity of 19.41% and a net margin of 9.66%. Revenue for the quarter totaled $1.17 billion, slightly below the consensus estimate of $1.21 billion, but reflecting a 3.6% year-over-year increase. Flowserve has set its FY 2025 guidance at $3.40 to $3.50 per share, while analysts expect earnings of $3.18 per share for the current fiscal year.

Flowserve Corporation designs, manufactures, distributes, and services industrial flow management equipment across multiple regions, including the United States, Canada, Mexico, Europe, the Middle East, Africa, and the Asia Pacific. Its operations are divided into two main segments: the Flowserve Pump Division (FPD) and the Flow Control Division (FCD).